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New York is a very cosmopolitan city with people from all over the world living and working here.Unlike many other countries, United States citizens, and Green Card holders which work here, must report their worldwide income.   Many people have called this office with regard to this issue.  Is there a way they don’t have to declare their worldwide income?The answer is NO. [...]

Boris Becker has fallen, and notonthegrass at Wimbledon.  The Code Violation he is facing is much more serious than a point penalty for bad behavior. Becker broke the the English Bankruptcy Laws and now faces jailtime. Boris Becker was one of Tennis’ Great Champions having won 6 majors in the 1980s and 1990’s. He also won 13 Masters Series Titles ,an Olympic [...]

ATTENTION FAIRWRAY SHOPPERS: THIS STORE IS FILING FOR BANKRUPTCY No, you won’t be hearing this announcement while walking down the aisles of your local Fairway. However, if you were in Federal Bankruptcy Court, you could be hearing Fairway being called as the next case on the calendar. Fairway, an iconic NY supermarket filed bankruptcy again on January 23, 2019. This was not [...]

Race Car Designer Carrol Shelby Background Car racing fans will enjoy the new movie, Ford v. Ferrari starring Matt Damon as legendary car designer Carroll Shelby. The movie retells the story of the Ford Motor Company in the 1960s as it struggled to increase sales during a downturn. A young junior Ford executive Lee Iacocoa, who went out to become a legendary [...]

The IRS wants taxpayers to be responsible, diligent, and punctual. Similarly, Amazon has grown as a company by building up its reputation with reliable delivery times. Many taxpayers could learn from Amazon when it comes to fulfilling tax responsibilities in a timely manner.  If you owe money to the IRS, only you are responsible for making sure they receive timely payment. Be [...]

The Tax Code has long incentivized taxpayers to start or invest in a trade or business by giving various tax incentives in the form of special deductions, credits, and exemptions. However, such special treatment of business income and loss is subject to restrictions that business owners and investors must be wary of to avoid scrutiny from the IRS. The Hobby-loss Rules: Many [...]

Lerma Aquino, the business manager of TGI Friday’s on Guam, was indicted for allegedly under-reporting employee’s tips and service charges and cheating the IRS of money owed to them.   It’s alleged that Aquino avoided paying hundreds of thousands of dollars in employment taxes. Some of the examples in the indictment include:  In the fourth quarter of 2010, Aquino reported that her employees [...]